Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Swedish investors cleared to buy Carter Holt dairy farms

Swedish investors cleared to buy Carter Holt dairy farms

By Paul McBeth

Jan. 31 (BusinessDesk) - An unnamed Swedish institution has been cleared to buy eight Waikato dairy farms from local billionaire Graeme Hart's Carter Holt Harvey by the Overseas Investment Office.

Southern Pastures Limited Partnership was given a green light to buy 3,205 hectares of land in December for an undisclosed sum, according to a decision summary published today. The farms have been for sale since 2010, when Carter Holt put 29 farms of converted forestry land up for sale, asking $224.5 million.

The entity is 99 percent owned by a Swedish institutional investor and 1 percent owned by Southern Pastures Management, the LP's general partner which will operate the farms, spokesman Cedric Allan told BusinessDesk. The structure of the fund lets institutional investors get direct exposure to local farms, which are operated by the local manager.

Southern Pastures Management is headed by dairy farmer and former All Black captain Graham Mourie.

The dairy group plans to bolster production through increased capital expenditure, sound farming practices and good management, according to the summary decision.

The local group has no plans to get into milk processing, and will continue to supply Fonterra Cooperative Group, Allan said. He declined to comment on production targets.

As part of the purchase, there is forestry land that still needs to be converted, providing instant opportunities for Southern Pastures to improve its production, Allan said.

Foreign investment in farmland, particularly by the Chinese, has been a point of contention in recent years, and ultimately led to tighter controls on the sale of farmland. That's seen two Chinese milk players, Yashili International and Inner Mongolia Yili Industrial, put their efforts toward securing processing facilities in New Zealand.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news